UK Personal Loans - UK Loans - Adverse, Bad and Poor credit loans - How do you get Adverse/Bad Credit

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If you have been unable to keep up the repayments on a previous secured or unsecured loan for whatever reason, or if you have been in breach of your credit agreement, you will have accumulated and Adverse/Bad Credit record with the credit reference agencies. But bad credit Loans are still available to you. Lenders, as part of their credit score system, use this information to determine one simple factor; whether or not to lend to you. If you have had problems with payments or have accumulated CCJ's in the past then there are lenders that will consider you for bad credit Loans.

They will want to consider the reasons for your past Adverse/Bad Credit circumstances in detail but will look sympathetically at the facts of your case. You may be required to pay a slightly higher interest rate on a bad credit loan for a lender to cover the perceived increased risk. Credit reference agencies and record details including:-people on the electoral register; previous applications for credit; your credit agreements, including details of any late payments and defaults which can be held for up to six years; court judgments and bankruptcy laws against you which are also held for the same amount of time and people living at the same address as you including your family. It is unusual for the information held by them to be wrong, however if you believe that to be the case there is a course of action you can follow.

If you have been refused an application by a lender you can contact them within 28 days and find out which credit reference agency they cut your VAT credit information from, they remind they are legally obliged to tell you, you can then correct your records by writing to the agency asking them to remove or amend the entry. If this fails all is not lost you may send within the next 28 days a " notice of correction" which explains your financial situation concerning the Adverse/Bad Credit. If this is successful the agency will change your records or add your notice of correction and will send details to everyone who has requested information within the previous six months. If this is unsuccessful you can still write to the Director General of Fair Trading.

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